According to people with knowledge of the situation, InCred Holdings Limited, the parent company of InCred Financial Services, submitted a draft red herring prospectus (DRHP) through the secret route to the Securities and Exchange Board of India (SEBI).

A significant step toward its public market debut, the company is getting ready to raise between Rs 4,000 and Rs 5,500 crore through a combination of new issuance and offer for sale.

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It is anticipated that the IPO proceeds will be utilized to support expansion across company sectors and strengthen the capital foundation of its lending arm.  Companies can file draft IPO documents in private under the confidential filing option, which SEBI introduced last year. This gives them the freedom to change facts or postpone listing plans in response to market sentiment.

According to an exclusive report by Entrackr, InCred’s board approved a new issue of Rs 1,500 crore in September.  The new issuance will make up Rs 1,500 crore of the total IPO size, with the remaining amount being an offer for sale by current shareholders.

InCred, a tech-first non-banking financial corporation (NBFC) with a focus on consumer, SME, and education loans, was founded by Bhupinder Singh.  The group says it uses data science, digital-first operations, and proprietary risk analytics to help MSME and retail borrowers in India.  InCred Finance, InCred Capital, and InCred Money are the three businesses run by the InCred Group.

Since its founding, InCred Capital has funded more than Rs 1,000 crore; the most recent round raised Rs 550 crore.  It oversees broking services, M&A, equities research, and wealth and asset advisory.

In terms of finances, InCred Finance said that its profit increased by 18% to Rs 374 crore over the same time, while its net income increased by 50% year over year to Rs 1,255 crore in FY25 from Rs 838 crore in FY24.